Change in accounts receivable

Question

Task:

Additional Information

			Natkey Inn
			Condensed Balance Sheets
			December 31,2001 and 2002
Assets				2001	2002
Cash				$30	$40
Marketable securities				50	50
Accounts receivable				100	95
Inventories				20	25
Investments				100	60
Property and Equipment
Land				500	500
Building				5000	6000
Equipment				1000	1100
Accumulated depreciation				-1600	-2000
Net Property and Equipment				4900	5600
Total Assets				$5,200	$5,870
Liabilties and Owner's Equity
Current Liabilities
Accounts payable				60	70
Dividends payable				30	50
Current portion of LTC				100	130
Total				190	250
Long-term debt				4000	4370
Capital stock				700	700
Retained earnings				310	550
Total liabilities and Owner's Equity				$5,200	$5,870

1. Dividends declared during 2002 totaled $100000.

2. Investments costing $50000 were sold for $350000 during 2002.

3. Only one depreciable asset was sold during the 2002. A range cost $10000, depreciated to $2000, was sold for $5000.                      

4. Long-term debt was borrowed to partially finance the building purchase.

Required to answer.

Question 1. What was the amount of cash on January 1, 2002?

Question 2. How much did the change in accounts receivable during 2002 contribution to the change in cash?

Question 3. What were the total current assets at the end of 2001?

Question 4. What was the amount of the gain on the sale of the range?

Question 5. What were the total purchase of equipment during 2002?

Question 6. What  was the depreciation expense for 2002?

Question 7. How much LTD was paid during 2002?

Question 8. What was the amount of dividends paid during 2002?

Question 9. Based on the above, what amount of dividends will be paid during 2003?

Question 10. What was the net income for 2002?